U.S. stocks closed lower on Wednesday in a rocky session after the release of the minutes from the Federal Reserve's January meeting pushed yields on the benchmark 10-year U.S. Treasury note to a four-year high.

The U.S. dollar rose to its highest level in a week against a basket of currencies on Wednesday, as investor focus shifted to the minutes of the Federal Reserve's last policy meeting. World stocks looked set to fall for a third straight day.